Showing posts with label IMF. Show all posts
Showing posts with label IMF. Show all posts

Monday

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G20 Summit,World leaders gather reduce extreme poverty in the world

 
World leaders gather in G20 Summit for developing countries culminating a week of events, the world's financial leaders are holding a conference on Sunday and Monday to discuss growth in developing countries.

The International Monetary Fund and World Bank joint conference held at IMF headquarters in Washington centers on taxes, infrastructure, income inequality and natural resources, among others.

 "In an environment of low growth in advanced economies, developing countries have a strong incentive to seek new domestic engines for efficiency and productivity as well as greater equity in development", according to a statement from the meeting.

The conference of developing countries is part of the spring meetings of the World Bank and the IMF. Events began on Monday, and sessions to date have focused on the global economic outlook and global financial stability, among other topics.

World Bank officials said their goal is to reduce extreme poverty in the world, people who live on less than $ 1.25 a day, and 3% of the population in 2030.

Protesters gather outside of the spring meetings of the World Bank / IMF in Washington, DC
"Achieving this goal will require strong growth in the developing world, and the translation of growth on poverty reduction in an unprecedented move in many low-income countries.

Overcoming also require institutional challenges and government, and investment in infrastructure and agricultural productivity, "according to an official statement released Saturday.
On Friday, the Group of 20 finance ministers and central bank governors said economic policymakers around the world must do more to support the claim.

"Global growth has remained very weak and unemployment is still very high in many countries," according to a statement from the G-20 officials. "The recovery is uneven and is progressing at different speeds with emerging markets experiencing relatively strong growth, the U.S. shows a gradual strengthening of private demand and the recovery of the euro area as a whole is still materialize" .
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Wednesday

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Crude Oil futures settled nearly flat

 
Crude futures settled nearly flat Tuesday, taking a break after a decline of three weekly sessions with a round of U.S. supply data barrel, but concerns about demand kept pressure on prices. 

May crude oil (NMN: CLK3) added a penny to settle at $ 88.72 a barrel on the New York Mercantile Exchange, after hitting intraday lows below $ 87.  


Prices had posted a loss of more than 6% in the last three trading sessions.Concern about rising U.S. crude inventories, poor domestic demand for refined products and lower IMF forecast global economic growth are among the pressures of oil prices, said Alan Herbst, director of Utilis Advisory Group.

Nymex crude "could easily return among low sessions MUST weekly inventory reports ... show builds additional actions," he said.London, June Brent crude traded (IET: UK: LCOM3) on Tuesday ended below the key $ 100 per barrel level, up 72 cents, or 0.7%, to $ 99.91, after a fall of 2 , 3% in the previous session. 

Based on the most active contract, Brent crude was not installed under $ 100 since July, according to FactSet.A pipeline in Texas. Oil slips to fourth month low Tuesday."Brent Oil prices below $ 100 Define an overview of how global markets are thinking fuels and total global demand today, not only, but in the next two years and more," said Richard Hastings, macro strategist at Global Hunter Securities. 

"The key concepts are downturns in world merchandise trade" - with a sample volume of only a 2% increase in 2012, Hastings said, citing data from the World Trade Organization. 

The market experienced a "disturbing number growth in China, and the shot in the long-term projections of fuel demand, and you have informed caution and reflection in action oil futures," he said.Julian Jessop, head of commodities research at Capital Economics, said in a note Tuesday that $ 100 can become the ceiling for Brent oil in the coming years.

Brent said also is likely to end this year below that level.Nymex oil on Monday fell $ 2.58, or 2.8%, to 88.71 dollars a barrel, the lowest settlement for a most-active contract since late December, according to FactSet.

Oil and other commodities sank Monday after quarterly economic growth and monthly industrial production figures of China was weaker than expected.

The figures raised concerns that demand for raw materials, including oil, are softened.Underscoring those concerns, the International Energy Agency and the Organization of Petroleum Exporting Countries last week reduced its global oil demand growth estimates for the year slightly.Economic data on Monday showed U.S. inflation consumer fell 0.2% in March, led in part by lower energy costs.  

Analysts expected a drop of 0.1%.Industrial production grew slightly more than expected, to a seasonally adjusted 0.4% in March.And March housing construction rose to its highest level in nearly five years."The housing starts data were very optimistic, but it's big enough to affect world oil history? Not really," Hastings said. 

Supply data 
The American Petroleum Institute will release its weekly U.S. oil inventory report Tuesday afternoon, to be followed on Wednesday by data from the Energy Information Administration of the U.S..Analysts polled by Platts expect U.S. commercial crude supplies increased 1.25 million barrels in the week ended April 12.

They are also looking for a decline of 1.1 million barrels in gasoline stocks and a fall of 850,000 barrels in distillate inventories."Inventories of crude will continue to rise in the U.S., and if further increases in gasoline stocks are seen, the complex [have] little support", report analysts said Kilduff. 

Last week, the API said crude supplies rose 5.1 million barrels, well above the consensus estimate Platts a 1.4 million barrel increase, while the EIA reported that stocks rose 300,000 barrels.Before the latest updates of supplies, May futures gasoline (NMN: RBK3) rose more than 2 cents, or 0.9%, to $ 2.78 a gallon, after Monday's loss of 1.6%, while heating oil May (NMN: HOK3) fell 2 cents, or 0.8%, to $ 2.81 a gallon.

The prices in the previous session was reduced by 1.5%.Natural gas for May delivery (NMN: NGK13) nailed by 2 cents, or 0.6%, to close at $ 4.16 per million British thermal units. Prices fell 2% on Monday, nearly erasing last week's gains of 2.4%.CME Group Inc. (NASDAQ: CME), the parent company of the metals and energy exchanges in the U.S., said Monday it is raising collateral requirements for trading in natural gas futures by 5, 6%, effective at the close of business on Tuesday.  
Increases margins tend to be implemented in times of market turmoil. Margin increases were also implemented by the reference gold, silver and other precious metals futures contracts.Goldman Sachs recently recommended going short on gold, but on Tuesday, also said natural gas was long.
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Saturday

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IMF offers economic advice for Somali government

 
The International Monetary Fund recognized the government of Somalia Friday, ending a 22-year breaks in relations that could lead to the IMF technical and political support for the country.

"The International Monetary Fund has recognized the Federal Government of Somalia led by Sheikh Hassan Mohammed president, paving the way for the resumption of relations after a gap of 22 years, the IMF said in a statement."

This decision is consistent with broad international support and recognition from the federal government. "Somalia has been a member of the IMF since 1962, but broke off relations after the civil war of the 1990s left the country with" no government with which the Fund could try. 'S new government Mohammed, who took office in September 2012, "has since enjoyed considerable support, including the United States United Nations, African Union, European Union, the Organization of Islamic Cooperation, and many countries IMF members, "the IMF said. Somalia, however, still owes about $ 352 million to the Fund, and so is currently eligible for any new financing.

The country has been engulfed in civil strife and fighting between warlords chronic since the fall of dictator Mohamed Siad Barre in 1991.

A transitional government, backed by an African force, is beginning to consolidate after big wins against the Shebab, a violent Islamist group with links to al Qaeda.Shebab considered on the back foot, having lost a number of major cities in recent months to African Union forces, Somali and Ethiopian troops soldiers.

The Security Council of the UN last month suspended the arms embargo on Somalia for one year, easing the oldest international blockade of weapons to help the government to take on Islamist militants.But Washington believes that the group remains a threat to stability in the Horn of Africa and beyond. In 2010, Shebab is believed to have been behind the suicide bombings in Uganda, and earlier this year states that execute a French hostage.
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Monday

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EU and IMF agreed a bailout plan for Cypriot bankruptcy

 
EU and IMF agreed a bailout plan for financial institutions in crisis the island state. Bankruptcy seems off the table, but many of the big investors will have to swallow huge losses. It was not just a long night of negotiations, but the days of nerve-wrecking round. 
International Monetary Fund Head Office

However, in the end, it seemed that everyone was at least a little content - even Cypriot Finance Minister Michalis Sarris. "We have achieved the best possible outcome under the circumstances.'s Not that we have won a battle, but really we have avoided a disastrous exit from the euro zone," he said. 

If the long night of marathon negotiations have brought a breakthrough, both in Cyprus and the banks would have been threatened with imminent bankruptcy. 

The European Central Bank said earlier that its emergency assistance to Cypriot banks to ensure liquidity may only be granted until Monday (03/25/2013). EU Deposit Guarantee is The plan includes a thorough cleaning heavily indebted financial sector of the country, as it is expected to rake in several billion euros in contributions by Cyprus to the rescue package. 

With Nicosia thus doing their part, the EU will give 10 million euros in new loans to the small island state. Second largest financial institution in Cyprus, Laiki Bank, must be broken. The toxic assets are transferred to a bad bank called. The rest is to be transferred to the country's largest bank, the Bank of Cyprus - which itself is in financial trouble.

All deposits of more than 100,000 euros will be frozen temporarily. The owners will have to contribute to the bailout, although the size of this contribution remains to be negotiated. They may have to give up as much as 40 percent of their savings. What was important for the euro area was that savings of less than 100,000 euros would not be affected in order to demonstrate that the EU maintains its deposit guarantee for smaller account holders. 

Initial plans on how to rescue Cyprus had planned for all account holders to take some of the load - a plan that has caused outrage in Cyprus and concerns about the reliability of the block deposit guarantee in the rest of Europe.

Reduce the size of the financial sector German Finance Minister, Wolfgang Schäuble, was pleased that now we have all the time what had been our position: "This means that the financial burden in part be borne by investors and holders accounts and that would reduce the country's financial sector to a healthy size. advance Before Sunday night, Cyprus had wanted to avoid forcing investors to contribute at all like Nicosia was worried that tarnish the country's attractiveness as a international financial center.

Ultimately, however, the new agreement is not so different from what had been agreed between Cyprus and the Euro over a week ago. Eurogroup chief Jeroen Dijsselbloem even admitted that the instruments chosen now could have been in place a week ago, but added that the current political agreement would not have been possible at that time. "Now we have the best solution I feel worse off say he admitted. Better in the sense that now goes directly to the banks involved.

A difficult future, but a lot of confidence that has been lost in the meantime. EU Economic Affairs Commissioner Olli Rehn himself had barely been optimistic before the talks, saying that good opportunities had passed and now there were only left crack. "The near future will be very difficult for the country and its people," said Rehn. German Chancellor Angela Merkel, has borne the brunt of the blame for the impending bankruptcy and has been the target of vitriolic attacks Cypriot demonstrators angry. 

French Finance Minister Pierre Moscovici Cypriot banking sector compared to a game room and his German counterpart Schäuble said it was well known that he would not be "blackmailed" into anything. Before the talks would have been an animal sense eurzone partners are increasingly seen leaving Cyprus fail and default. At least for now, this threat is off the table.
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Cyprus bailout deal, Euro rebounds in Asia

 
The euro rebounded in Asian trade on Monday after eurozone finance ministers agreed on a bailout of 10 billion euros to Cyprus, the island faces a looming deadline to gain support for package.Final rescue agreement occurred after 12 hours marathon talks between Cypriot President Nicos Anastasiades and the European Union, European Central Bank and International Monetary Fund.

The ECB had threatened to pull emergency funds to the country s lenders if Nicosia failed to agree on a rescue plan for Monday, raising fears of a banking crisis that threatened to further erode confidence in the troubled eurozone.In Tokyo morning trade, the euro brought $ 1.3044 and 123.79 yen, the strengthening of $ 1.2986 and 122.72 yen late Friday in New York.

Last week, the euro took a beating as traders sold the unit beset by fears over Cyprus, which faced a huge public backlash against terms of an initial bailout agreement had slapped a tax on all personal bank savings.Markets fears that failure to reach a deal could see the tiny Mediterranean country leaving the 17-nation euro area with borders overflowing consequences to other bloc members with problems such as Italy and the agreement early Monday Spain.The involves dividing the island s second largest lender Laiki
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Thursday

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Cyprus financial future showed no sign of lifting

 

The question about the financial future of Cyprus showed no sign of lifting Thursday, with officials reportedly set to introduce new legislation to try to prevent capital from leaving the country, in the middle of negotiations to bolster finances country.



Laws that restrict capital to stop the flight of deposits in the country, and to establish new rules for insolvent banks likely will appear before the country's parliament on Thursday, The Wall Street Journal.
The laws would be needed before banks reopen their doors to customers - now reports an event that will take place next Tuesday.

Banks have been closed this week after the announcement last Saturday that about 10 million euros (13 billion) financial aid agreement between Cyprus and Trioka the - the Eurogroup, the European Central Bank and the International Monetary Fund - would require a rate once bank deposits to raise € 5.8 billion.

The tax deposit plan sparked outrage and was roundly rejected by parliament on Tuesday the country.
The Government of Cyprus has returned to the negotiating table with the Trioka and is also in talks with Russia, the country paid € 2.5 billion two years ago, despite signs of progress are limited so far.

"There is no easy option will be available for Cyprus after its parliament rejected the bailout terms offered by the Troika," said Credit Agricole economist Frederik Ducrozet.

Brown Brothers Harriman strategists said that one of the key questions is whether Cyprus before the European Central Bank will extend credit payday loan, since the agreement on Saturday rejected.
"He had previously threatened to cut," the strategists said. "This was a hard place on the other side of the rock of conditionality, which includes a tax to all depositors, that Cyprus is on the last weekend," they said.
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